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Suncorp announces Michael Cameron as new Group CEO

Suncorp announces Michael Cameron as new Group CEO

(16 April 2015 – Australia)  Suncorp Group has announced the appointment of Michael Cameron to the position of Group chief executive and managing director following the news Patrick Snowball will step down after six years in the job.

Cameron is currently chief executive and managing director of GPT, a position he has held for six years as well as being a non-executive director of Suncorp Group since 2012.

Cameron has more than 30 years’ experience in finance and business having held senior leadership roles with St. George Bank, Commonwealth Bank, National Australia Bank, MLC, Lend Lease and Barclays.

Suncorp Group chairman Ziggy Switkowski commended Snowball for his exceptional leadership and acknowledged Suncorp’s progress during his tenure.

“Patrick Snowball has steered the Suncorp Group through a major transformation which has simplified operations, realised efficiency benefits and strengthened the capital base.

“Today, we are a vastly improved diverse financial services business with good prospects and are providing attractive and sustainable returns to our shareholders,” said Dr Switkowski.

Snowball confirmed his commitment to leading the business as Cameron transitions into the role, which he will take over in October.

“I remain focused on leading the team toward our full year result and look forward to working with Michael as he transitions into the Group CEO role,” said Snowball.

“While on the Board, Cameron has endorsed Suncorp’s ‘One Company, Many Brands’ strategy that provides diversified financial services to the Group’s nine million customers across Australia and New Zealand.

“He brings a depth of relevant experience and this is the right appointment at the right time.”

Switkowski said that Cameron was an outstanding candidate for the role.

“His understanding of Suncorp and the financial services industry combined with his disciplined and long-term approach to business makes him the ideal person to lead the company through its next phase of growth,” he said.

“I expect that our regulators, retail, institutional and international stakeholders will quickly build confidence in Michael’s leadership, values and priorities as they have with Patrick. “

Cameron noted that he would be taking over a well performing organisation and confirmed that his leadership style would be measured, but added that driving change was a necessary and exciting part of the job.

“After seeing Suncorp strengthen over the past three years, I’m looking forward to seeing the successful journey continue,” he said.

“There’s no overhaul required. Patrick has done a fantastic job of turning the business around, fixing legacy problems, building an excellent team, and lifting performance. His simplification program has created a solid platform for further growth.

“I have great faith in the Suncorp Group and I am ready to take on the challenge of leading it into its next chapter.”

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